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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. Good morning, I'm Nathan

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Speaker 1: Hager and I'm Karen Moscow. Here are the stories we're

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Speaker 1: following today.

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Speaker 2: Karen, we begin in Normandy, France. That is where President

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Speaker 2: Biden is gathering with world leaders to mark eighty years

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Speaker 2: since the Allied invasion that turned the tide in World

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Speaker 2: War II. On d Day, the President will meet with

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Speaker 2: Ukraine's President Vladimir Zelenski and look to tie his country's

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Speaker 2: current conflict with Russia to the West's fight against the Nazis.

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Speaker 2: Former NATO Ambassador Kay Bailey Hutchison says, the world needs

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Speaker 2: to stand united against Vladimir Putin.

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Speaker 3: It is so important that and I'm sure the President

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Speaker 3: Biden will will say the importance of us being allied

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Speaker 3: against Russia trying to take over a free country is

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Speaker 3: something we must stand against because if we don't, then

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Speaker 3: we will be involved in a war in Europe, and

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Speaker 3: that's what we're all trying to avoid.

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Speaker 2: Former NATO Ambassador Kay Bailey Hutchison was a guest on

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Speaker 2: Bloomberg's Balance of Power. President Biden gave a preview of

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Speaker 2: what he'll say in Normandy at a fundraiser this week,

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Speaker 2: he told Donor's quote, democracy is literally on the ballot

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Speaker 2: this year.

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Speaker 1: Well, Nathan, back here in the US, New Yorkers who

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Speaker 1: dreaded the fifteen dollars congestion pricing fee aren't sharing the

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Speaker 1: governor's decision to halt the program. Bloomberg Jeff Bellinger has

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Speaker 1: the latest from Manhattan.

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Speaker 4: Some questions remain about how to replace the one billion

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Speaker 4: dollar expected pot to repair public transportation, improve air quality

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Speaker 4: and reduce congestion. But Brooklyn Nights, Manhattan Nights, and especially

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Speaker 4: Staten Islanders are ecstatic. It had become a major issue

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Speaker 4: in the upcoming congressional races, and Governor Kathy Hokeel focused

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Speaker 4: on that in her message.

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Speaker 3: My focus must be on putting more money back in

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Speaker 3: people's pockets, and that's why I must stand up for them.

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Speaker 4: The measure is on the shelf indefinitely in New York.

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Speaker 4: Jeff Bullinger Bloomberg Radio.

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Speaker 2: All right, Jeff, thank you for turning the markets. Interest

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Speaker 2: rates are in focus overseas as the European Central Bank

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Speaker 2: gets ready to make a policy decision. Bloomberg's Lizzie Burden

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Speaker 2: is covering from Frankfurt.

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Speaker 5: Well, we've seen Christine Legard entering the Central Bank this morning.

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Speaker 5: She didn't want to cut before I reserve, but it

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Speaker 5: looks like she will this quarter point cuts three point

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Speaker 5: seventy percent, well telegraphed, fully prized by market and almost

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Speaker 5: unanimously expected by economists. And of course we'll listen to

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Speaker 5: Leguard at the press conference for guidance on the cadence

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Speaker 5: of cuts. Can we expect them quarterly? Is it a

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Speaker 5: case that they cut today and pause and go back

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Speaker 5: to day to dependence.

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Speaker 2: Bloomberg's Lizzie Burden notes the ECB has held it's rated

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Speaker 2: a record high four percent for nine months.

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Speaker 1: Well, Nathan, As we await the ECB decision, Global bonds

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Speaker 1: are on their longest winning streak of the year. Well,

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Speaker 1: stocks in the US are training at all time highs

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Speaker 1: to get the lay with Bloomberg's John Tucker, John.

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Speaker 6: And Karen, there is now a worldwide consensus that interest

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Speaker 6: rates will be cut this year. As a result, sovereign

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Speaker 6: bond returns rose for a fifth straight session. Another day

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Speaker 6: of gains would mark the best run since November. VESA

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Speaker 6: is trying to capture those bond yields before the Central

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Speaker 6: Bank start cutting. Well, just yesterday, the Bank of Canada

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Speaker 6: decided to ease and software than expended. US economic data

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Speaker 6: suggests the Fed may cut rates two times before year end,

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Speaker 6: and the winning streak extends beyond bonds. The S and

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Speaker 6: P five hundred hit its twenty fifth record this year,

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Speaker 6: the NANSDEK one hundred climbed two percent, and if history

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Speaker 6: is any guide, more stock gains may be on the way.

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Speaker 6: Since nineteen twenty eight, the first fifteen days of July

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Speaker 6: have been the best two week trading period for the

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Speaker 6: year for equities. John Tucker, Bloomberg Radio.

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Speaker 2: All right, John, thanks. Helping to lead this current stock

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Speaker 2: rally is Nvidia. That company's market value has now topped

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Speaker 2: three trillion dollars. Steve Sosnick is chief strategists at Interactive Brokers.

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Speaker 7: As early as like February twenty three, I did account

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Speaker 7: how many times I use the word AI in their

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Speaker 7: conference call.

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Speaker 4: It was like eighty two times or something.

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Speaker 7: But they leaned into it early. Once this AI became

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Speaker 7: the investment theme, in Vidia became the stock to watch.

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Speaker 7: But at this point, right now, my thesis is it's

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Speaker 7: in Vidia's market. We're all just trading in it.

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Speaker 2: The Interactive Brokers Steve Sasnik notes shares in the AI

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Speaker 2: chip giant have gained some one hundred and forty percent

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Speaker 2: this year, making in Nvidia now more valuable than Apple.

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Speaker 1: Well Nathan, another member of the three trillion dollar club,

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Speaker 1: is also in the spotlight. The Wall Street Journal is

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Speaker 1: reporting US regulators are investigating whether a deal Microsoft struck

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Speaker 1: with AI startup Inflection may have been structured to avoid scrutiny.

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Speaker 1: Back in March, Microsoft agreed to pay Inflection six hundred

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Speaker 1: and fifty million dollars to license its AI software after

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Speaker 1: the company moved to hire much of its staff. The

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Speaker 1: journal says the Federal Trade Commission is now seeking information

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Speaker 1: about how they negotiate that partnership and.

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Speaker 2: Karen the tech investigations might not end there. The New

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Speaker 2: York Times is reporting that the US has cleared the

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Speaker 2: way for antitrust inquiries into Microsoft, as well as Nvidia

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Speaker 2: and Open Ai. The paper says the Justice Department and

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Speaker 2: the FTC have agreed to divide responsibility for investigating the

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Speaker 2: three major players in the AI industry.

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Speaker 1: Well Nathan, another big company, is facing scrutiny in Washington.

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Speaker 1: Boeing CEO Dave Calhoun will face a bipartisan inquiry into

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Speaker 1: the Planemaker's safety practices and culture. He'll appear before the

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Speaker 1: Senate Permanent Subcommittee on Investigations on June eighteenth. The panel

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Speaker 1: began examining the Planemaker earlier this year after whistleblower's flag

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Speaker 1: concerns with the company's manufacturing practices.

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Speaker 2: Karen Boeing did take a big step forward yesterday, a

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Speaker 2: big step up actually, with the successful launch of its

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Speaker 2: Starliner space taxi. This morning, it is SpaceX's turn. Elon

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Speaker 2: Musk's space company is set for the fourth major test

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Speaker 2: flight of its massive Starship rocket and super heavy booster

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Speaker 2: from the southern tip of Texas. Liftoff is set for

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Speaker 2: eight am Wall Street time. The launch window runs till ten, though,

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Speaker 2: and we will bring you live coverage on Bloomberg Radio.

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Speaker 1: And it's time now for a look at some of

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Speaker 1: the other stories making news in New York and around

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Speaker 1: the world. For that, we're joined by Bloomberg's Michael Barr Michael,

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Speaker 1: Good Morning.

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Speaker 8: Good morning, Karen Gilgolbach. Murder suspect Rex Hureman will be

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Speaker 8: indicted on new charges today. Suffolk County District Attorney Ray

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Speaker 8: Tierney is announcing what he is calling a very significant development.

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Speaker 8: All expectations are that Heureman will be linked to at

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Speaker 8: least one and possibly two victims, some of the cases

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Speaker 8: dating back decades. Senate Democratic leaders say they plan more votes.

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Speaker 8: After a bill to protect contraceptive access failed yesterday, some

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Speaker 8: Republicans argued the legislation was too broad and isn't necessary.

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Speaker 8: The Hughes Democrats are fearmongering and trying to score political points,

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Speaker 8: Republican Senator Ted Cruz.

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Speaker 9: Democrats in the Senate, every one of them. Their views

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Speaker 9: on abortion are extreme and radical. Every Democrat in this

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Speaker 9: body has voted repeatedly in favor of unlimited abortion on demand,

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Speaker 9: literally up until the moment of birth.

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Speaker 8: Democrats argued women should have the right to birth control

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Speaker 8: and believe the overturning of Roe versus Wade could jeopardize

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Speaker 8: other reproductive rights. An appeals court has halted the Georgia

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Speaker 8: election interference case against former President Donald Trump and others

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Speaker 8: while it reviews the lower court judge's ruling allowing Fulton

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Speaker 8: County DiscT Attorney Fannie Willis to remain on the case.

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Speaker 8: The Georgia Court of Appeals yesterday issued the order which

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Speaker 8: will prevent Fulton County Superior Court Judge Scott McAfee from

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Speaker 8: moving forward with pre trial motions while the appeal is pending.

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Speaker 8: This makes it even more certain that the case is

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Speaker 8: unlikely to go to TRUP before the November general election.

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Speaker 8: Former federal prosecutor Lorie Levinson is a professor at Loyola Law.

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Speaker 10: I don't think that there's anything that the prosecutors can

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Speaker 10: do in Georgia at this point. This is not an

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Speaker 10: issue that they can raise to a higher court. They're

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Speaker 10: going to have to wait and see if under the

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Speaker 10: Georgia Court of Appeal Order Finnie Willis, the district attorney

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Speaker 10: who brought these charges, could even stay on this case.

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Speaker 8: Meanwhile, in another court victory for the former president, Florida,

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Speaker 8: Federal Judge Eileen Kennon postponed the schedule in Trump's Maury

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Speaker 8: Lago classified documents case. It reshuffles the timing for hearings

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Speaker 8: on several important legal issues. The criminal trial of President

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Speaker 8: Biden's son Hunter resumes this morning in Delaware. The prosecution

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Speaker 8: could arrest its case today. Hunter Biden is charged with

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Speaker 8: lying about his drug use when he purchased a gun

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Speaker 8: in twenty eighteen. Global News twenty four hours a day

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Speaker 8: and whenever you want it with the Bloomberg News Now

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Speaker 8: Michael Barr, and this is Bloomberg Karen.

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Speaker 1: All right, Michael Barr, thank you. Time now for the

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Speaker 1: Bloomberg Scores update with John stash Hour. John, good morning,

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Speaker 1: all right.

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Speaker 11: Good morning Karen.

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Speaker 12: Now they went for the Yankees. This one was easy

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Speaker 12: at the stadium of four run first in against the Twins,

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Speaker 12: and they attacked on in the fifth, loading.

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Speaker 8: To the basin.

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Speaker 12: Castillo's pitched to Judge, he's lying great, sitting the left.

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Speaker 4: That one's going all the way into the corner.

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Speaker 8: One run scores, two run scores.

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Speaker 4: Here comes Sodo around third, having all kinds of trouble

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Speaker 4: with the ball in left field, and to third.

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Speaker 12: Goes Aaron Judge and the Yankees have blown this one.

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Speaker 12: Win over on WFA and five RBIs for Judge, three

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Speaker 12: hits three Anthony Vaulpa Minnesota scored some runs late off

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Speaker 12: the Yankee bullpen. But the Yanks one nine to five.

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Speaker 12: They've won seven or zho eighteen of twenty two. They're

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Speaker 12: five and oh versus the Twins by a combined score

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Speaker 12: of twenty eight to seven. They seek the sweep tonight.

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Speaker 12: A three game sweep for the Mets, there first since

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Speaker 12: mid April, nine to one rout of Washington and Luis

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Speaker 12: Torrens over twice. The Yankees won nine to five. The

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Speaker 12: Mets won nine to one. On the Red Sox won

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Speaker 12: nine to nothing over Atlanta. They out hit the Braves

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Speaker 12: thirteen to one. Of the Giants won nine to three

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Speaker 12: at Arizona Grand Stand for Wilmer, Florid. The French opened

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Speaker 12: two upsets to the women's quarterfinals. First Jasmin Pallini, the

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Speaker 12: five foot four inch Italian surprise four seat of the

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Speaker 12: later Abaka and then seventeen year old of Russian mur

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Speaker 12: Andreva notped off second seat at Arena Sablanca. Schrumes the

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Speaker 12: youngest semifinalist in parisons Martina Hingis in nineteen ninety seven.

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Speaker 12: The two winners beat today the marquee match Coco Golf

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Speaker 12: against Eagle Sciante NBA finals tipping off tonight in Boston.

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Speaker 12: Celtics and Mas well rested. They won their conference finals

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Speaker 12: in four and five games. Both have been often more

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Speaker 12: than a week. The college football playoff tripling in size,

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Speaker 12: going from four teams to twelve. The schedule now out

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Speaker 12: the playoff begins December twentieth, last for a month. Quarterfinal

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Speaker 12: games New Year's Weekend. The semifinals will be in Dallas

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Speaker 12: and Miami Championship game in Atlanta. Johns Dashaw were Bloomberg

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Speaker 12: Slaunch Kardinia.

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Speaker 13: Coast to coast on Bloomberg Radio, nationwide on Sirius XM,

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Speaker 13: and around the world on Bloomberg dot Com and the

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Speaker 13: Bloomberg Business app. This is Bloomberg Daybreak. Good morning, I'm

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Speaker 13: Nathan Hager. World leaders are gathering in Normandy, France, to

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Speaker 13: mark eighty years since the Allies stormed the beaches and

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Speaker 13: turned the tide against the Nazis. It is a chance

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Speaker 13: for those Allies, including President Biden, to reaffirm their support

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Speaker 13: today as Europe faces its biggest conflict since World War

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Speaker 13: Two in Russia's war with Ukraine. For more, we are

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Speaker 13: joined by Bloomberg News Paris bureau chief Alan Katz, who

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Speaker 13: is with us from our newsroom in the French capital.

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Speaker 2: Alan, Good morning. The historical sweep of this gathering eighty

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Speaker 2: years after D Day is certainly significant. Set the scene

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Speaker 2: for us. What are we expecting from today's observances.

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Speaker 11: Well, today is mostly going to be about the ceremony

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Speaker 11: as you said, it's the eightieth anniversary. So there are

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Speaker 11: several veterans, both the British, American, Canadian and all the

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Speaker 11: Allies who did storm the beaches back in D Day,

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Speaker 11: and they're all around one hundred years old now, so

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Speaker 11: this is sort of the last time that they expect

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Speaker 11: there to be such a big gathering of veterans left

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Speaker 11: from the D Day assault. And so you have right now,

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Speaker 11: you have King Charles from the UK giving a speech

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Speaker 11: at the moment, at around twelve thirty, Joe Biden. President

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Speaker 11: Biden will give a speech for the US commemoration, and

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Speaker 11: then this afternoon there'll be an international commemoration bringing together

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Speaker 11: all of the Allies and even some opponents from the time,

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Speaker 11: including German cent or Off Schultz. That will be around

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Speaker 11: three thirty this afternoon, and so there'll be a series

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Speaker 11: of again mostly commemorative events. Joe Biden is speaking with

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Speaker 11: veterans this morning before a weeflying ceremony before his speech.

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Speaker 11: It will be largely ceremonial today, with many of the

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Speaker 11: speeches talking about how they need to come together, how

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Speaker 11: they need to help, democracies need to unite in the

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Speaker 11: face of authoritarianism again. Both said, but largely unsaid will

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Speaker 11: be the connection between the fight back then and Ukraine's

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Speaker 11: fight against Russia today.

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Speaker 2: We should note Paris is six hours ahead of the

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Speaker 2: East coast in the US. We're expecting that speech from

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Speaker 2: President Biden around six thirty am Wall Street time, and

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Speaker 2: we've gotten something of a preview allent of what the

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Speaker 2: President plans to say, as you alluded to, sort of

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Speaker 2: tying the conflict from World War Two to what he

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Speaker 2: sees as a fight to defend democracy today. It's a

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Speaker 2: fight that he helps resonates with voters as he prepares

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Speaker 2: for a rematch against former President Donald Trump.

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Speaker 11: That's true. I mean he's unlikely to bring up Trump

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Speaker 11: directly in the speech, particularly in the one today. He's

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Speaker 11: giving some other speeches tomorrow which might be a little

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Speaker 11: bit more explicitly political. But again, even just bringing up

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Speaker 11: the idea that you need to unite, work with your

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Speaker 11: allies to stand up against tyranny and authoritarianism are sort

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Speaker 11: of veiled attempts to draw a different sort of distinction

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Speaker 11: between him and the former president Donald Trump. Trump was

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Speaker 11: here for the seventy fifth anniversary, so five years ago.

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Speaker 11: At the time, he publicly at least supported American veterans

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Speaker 11: from D Day, but really made no comment or didn't

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Speaker 11: even mention sort of allies and institutions that were created

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Speaker 11: by the United States following World War Two to try

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Speaker 11: to sort of keep the peace after World War Two.

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Speaker 11: And so Biden's really going to try to show that

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Speaker 11: he's a different kind of leader, that he's the leader

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Speaker 11: of the United States, but also the leader of a

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Speaker 11: broader group of allies that can come together in times

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Speaker 11: of crisis.

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Speaker 2: From the European perspective, alan how do leaders feel about

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Speaker 2: the relationship with the US right now, particularly given all

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Speaker 2: the strife that we saw around support for Ukraine militarily

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Speaker 2: in Congress just a couple of months ago.

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Speaker 11: It varies from country to country, but France, for example,

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Speaker 11: has been quite worried about it actually, and if you

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Speaker 11: listen to President Macall, French President of Vanue McColl's speeches

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Speaker 11: over the last month or two, he's painted quite a

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Speaker 11: disturbing picture of worry about whether or not the US

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Speaker 11: will continue to be there. And his argument has been

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Speaker 11: that Europe needs to, you know, master its own defense,

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Speaker 11: and in order to be sort of the master of

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Speaker 11: its future, has to create a common defense program that

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Speaker 11: could protect a country like Ukraine against against Russian aggression.

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Speaker 11: He didn't call out Biden on the defense part of it,

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Speaker 11: because Biden has been much more supportive of NATO, But

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Speaker 11: his basic point is that after Trump's presidency, you just

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Speaker 11: can't be sure how the United States is going to

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Speaker 11: proceed again. There hasn't been much, I guess explicitly on

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Speaker 11: the delay in Congress on reauthorizing the aid TO, but

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Speaker 11: it did help play into this idea that the US

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Speaker 11: has become, while it was sort of the ultimate security

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Speaker 11: blanket for your for decades and decades following World War Two,

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Speaker 11: that things are changing and that Europe needs to be

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Speaker 11: ready for it.

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